Which of the following activities would occur in a resource market?
a. Reesa buys a new computer to help balance her personal checkbook.
b. Randy pays a speeding ticket.
c. Ian mows his grass.
d. Pam buys a ticket to the ball game.
e. General Motors hires additional workers to run a third shift at its Flint, Michigan, factory.
E
You might also like to view...
The regression R2 is a measure of
A) whether or not X causes Y. B) the goodness of fit of your regression line. C) whether or not ESS > TSS. D) the square of the determinant of R.
Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the accompanying table below.Hours in East OrchardNumber of Apples Per HourHours in West OrchardNumber of Apples Per Hour140110232210325310420410 What is the opportunity cost to Frank of spending an additional hour picking apples in the East orchard?
A. 40 apples B. 30 apples C. 20 apples D. 10 apples
Elasticity has which special meaning for economists?
a. b and c. b. A ratio of percentage changes. c. How easily prices adjust to market changes. d. How price changes as quantities demanded change. e. When consumers will no longer react to price changes.
Economic choice and competitive behavior are the result of
What will be an ideal response?